Texas Small Estate Affidavit Checklist
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How to fill out Texas Small Estate Affidavit Checklist?
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FAQ
It is not necessary to hire a lawyer to file a small estate affidavit. In fact, many probate courts provide forms on their website for the public's use.
The term ?personal property? is specifically defined in the Estates Code. And the courts in Texas have long held that this term includes all property other than real estate.
Small estate affidavit process in Texas Name and address of decedent. Date of death. Description of assets. Description of debts. Names and addresses of distributes. Signatures of distributees.
In Texas, a small estate is defined as an estate that has less than $75,000 of assets. These assets can include anything, from cash in bank accounts to cryptocurrency, to real estate and personal effects. The $75,000 amount is measured by the fair market value on the date of death.
If the decedent was single, personal property worth up to $50,000 is considered exempt property. Pension benefits, retirement assets and insurance benefits are also exempt.
The small estate affidavit must show that the deceased's estate is worth $75,000 or less, the estate's assets cover any outstanding debts, and a few other requirements.
Types of Property Exempt from Probate The asset is held in joint tenancy, such as a home where two people's names are on the deed; Community property with the right of survivorship; Payable-on-death bank accounts; Proceeds and benefits that are payable via a life insurance policy; and. Payments from a survivor annuity.
